The midday wheat market is trading 14 ¾ to 24 ½ cents lower in Chicago, as the Dec contract’s 4.5% loss is a life of new contract low. HRW futures are trading 9 to 15 cents weaker at midday, also working at contract lows not seen since 2021. Spring wheats are down by 13 ½ to 25 ¼ cents so far as the Dec contract is down 3.4%.
The quarterly Grain Stocks report had 1.78 bbu of wheat supplies on Sep 1. That was 1.7 mbu looser compared to last year, as the average trade guess was to sees 8 mbu tighter. Q1 disappearance was implied as 1.198 bbu, compared to 1.08 bbu last year.
The Small Grains summary had wheat production listed as 1.812 bbu, compared to the 1.734 bbu reported in the Sep Crop Production data. The trade was looking for a 2 mbu cut. By class, NASS put 601 mbu for HRW (compared to the prior 585 forecast and the 584 mbu average trade guess), SRW at 449 mbu (from 413 previously), 505 for other spring (450 previously), and 59 mbu for durum (from 57).
The European Commision estimates wheat production at 125.3 MMT, down 400k MT from their prior figure. Exports were left at 32 MMT.
| Dec 23 CBOT Wheat | is at $5.57 1/4, down 21 1/2 cents, |
| Mar 24 CBOT Wheat | is at $5.87 3/4, down 18 3/4 cents, |
| Cash SRW Wheat | is at $4.70 1/4, down 21 3/8 cents, |
| Dec 23 KCBT Wheat | is at $6.73 1/4, down 11 3/4 cents, |
| Cash HRW Wheat | is at $6.02 5/8, down 11 3/4 cents, |
| Dec 23 MGEX Wheat | is at $7.22, down 25 cents, |
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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